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IHCL has invested over INR 100 crore to acquire more than 2 lakh shares of its wholly-owned subsidiary, ELEL Hotels and Investment Limited, through a rights issue. ELEL Hotels holds the leasehold rights for the Bandstand, Bandra site, where IHCL plans to develop the INR 2,500-crore Taj Bandstand project with 330 hotel rooms and 85 apartments. This investment follows an earlier rights issue in July, when IHCL acquired over 3.3 lakh shares for INR 165 crore, highlighting the company's steady commitment to completing the high-profile luxury project in Mumbai.
Indian Hotels Company Limited (IHCL) has invested more than INR 100 crore to acquire over 2 lakh shares of its wholly-owned subsidiary, ELEL Hotels and Investment Limited, through a rights issue. ELEL Hotels holds the leasehold rights for a land parcel at Bandstand, Bandra, where the Taj Bandstand project is planned. Advertisement
Earlier this year, IHCL, part of the Tata Group and India's largest hospitality company, announced the Taj Bandstand project with an estimated cost of INR 2,500 crore. The project will include 330 hotel rooms and 85 residential apartments spread across a two-acre site. The development is expected to enhance Mumbai's luxury hospitality offerings and is one of IHCL's key upcoming projects.
According to a regulatory filing, IHCL said it acquired 2,01,659 equity shares of ELEL Hotels at a face value of INR 10 per share, with an issue price of INR 5,000 per share. This included a cash premium of INR 4,990 per share, bringing the total investment to INR 100.82 crore.
This follows an earlier rights issue in July, when IHCL had acquired over 3.3 lakh equity shares of ELEL Hotels for more than INR 165 crore. The continued investment underlines IHCL's focus on ensuring the project progresses steadily, leveraging its subsidiary to manage capital efficiently while advancing one of its largest luxury developments in Mumbai.
Source PTI
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